Market update for 28/08/2012

 

Nifty daily chart

 

 

Today's trading session was dominated by bears. Nifty has closed at 5350.25 down by 36 points and has managed to close at 5350 which is an important support. MACD has not indicated sell but it may indicate sell if Nifty gives a flat to negative close for one more trading session. Banking , Real Estate , Infra , capital goods and others are looking weak so there is every possibility that 5350 will be breached.

 

Chart of the day

 

Bank Nifty

 

 

 

Today's downtrend was lead by Bank Nifty. It has a support at 10150 (spot level) if it closes below this level then the targets are 10000-9950.

 

Open Positions

 

Scrip	Type	Price	CMP	P/L
Bank Nifty 10100 PE	Long	160	170	10
Bank Nifty 10200 CE	Long	240	235	-5
Britannia	Long	486	489	3

 

 

Nifty Medium Term Trend

 

Trend	UP
Initiation Date	07/08/20122
Initiated at	5336
High since change	5448
Reversal if closes below	5180

 

 

Thought for the day

 

To argue with a man who has renounced his reasoning is like giving medicine to a dead man.

 

 

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